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Trafigura Charged with Bribery

Swiss prosecutors have charged Trafigura with failing to manage the risk of corruption and former COO, Mike Wainwright, with bribery. The charges relate to the payment of Euro 5 million to Angolan officials via an intermediary, dubbed Mr. Non-Compliant. The alleged acts occurred between 2009 and 2011. What is interesting about this prosecution is that it the first time that prosecutors have alleged malpractice at the very top of an organization. Trafigura has stated that it will defend itself.

Santander Makes Car Provision

Santander was forced to delay the publication of its UK results last week to allow it to calculate the possible cost of having to compensate customers who purchased cars via a finance scheme. A court ruling raises the possibility of major redress. That figure was announced yesterday and its £295 million. Current industry estimates for compensation have now reached £23 billion!

Russian Shipments Channeled Via BVI

According to the FT, $134 million of goods have been exported to Russia by entities registered in the British Virgin Islands. These goods may have infringed British sanctions against Russia that bar exports connected with military, dual-use and luxury purposes. The problem is that BVI laws do not require the owners of these companies to be disclosed.

Limited Climate Impact

The EU has published the results of its first stress test on the impact of climate laws on financial institutions. The EU is aiming to reduce carbon emissions by 55 per cent by 2030. The regulators have concluded that during an 8-year horizon, companies’ starting point exposures would only decrease by 3.9 per cent in value.